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2nd Recent Major L.A. Land Deal Struck with Chinese Money, Shanghai Greenland Group Buys Major Lot
February 1, 2014
Feb. 01--A wave of Chinese investment continues to sweep through downtown Los Angeles as buyers from Shanghai have paid nearly $150 million for land near the 110 Freeway where a billion-dollar mixed-use complex is on the drawing board. Chinese real estate developer Shanghai Greenland Group bought a sprawling parking lot next to the freeway north of 9th Street in a deal that closed Friday -- Chinese New Year -- real estate brokerage CBRE Group Inc. said. The full city block known as Metropolis has been approved by the city for 1.65 million square feet of hotel, condominium, office and retail development on a block that links the financia
Land Sale to Summit Hospitality Approved for 150-key Raleigh, North Carolina Marriott Residence Inn
January 31, 2014
Jan. 31--RALEIGH -- A City Council committee on Tuesday approved a $1.73 million deal for a new Marriott Residence Inn Hotel next to the Raleigh Convention Center. Raleigh has owned the lot along South Salisbury Street for years, and city leaders have eagerly sought a hotel to serve convention center guests and attract larger events to the venue, which opened in 2008. The full City Council is expected to sign off on the lot sale next Tuesday, paving the way for Raleigh-based Summit Hospitality Group to start construction on the 11-story, 150-room hotel. "It's a need from the convention center perspective, as well as the general economic
Big Changes Could be Coming to Downtown Houston’s Convention Center in Preparing for 2017 Super Bowl
January 31, 2014
Jan. 31--Downtown boosters hope to use the 2017 Super Bowl as a catalyst to reshape the once-moribund East End of downtown into a dynamic new focal point of the city, building on an effort that began when Discovery Green park opened five years ago. Representatives of Houston First Corp. are proposing to transform the area around the George R. Brown Convention Center into a landscaped and more walkable pedestrian-friendly city center, with more retail and less car traffic, in time for the city to host the NFL's marquee game three years from now. Where cars and buses now dominate the area, there would be rows of trees and tables for sippi
Innisfree Hotels to Open 119-room Hilton Garden Inn in Pascagoula, Mississippi in March 2014
January 31, 2014
Jan. 31--PASCAGOULA -- A new Hilton Garden Inn will open its doors soon in Pascagoula. The $25 million hotel on U.S. 90 near Singing River Hospital is on the site of the old LaFont Inn. In addition to 119 rooms, it contains 6,000 square feet of conference space, a restaurant and bar, pool, jacuzzi and fitness center. Pascagoula City Manager Joe Huffman said the city is going to see a lot of economic benefits from this project. He said not only will this hotel bring conference space and jobs to the area, but it will also help the city move forward on recreation improvements. A 2 percent room-occupancy tax is earmarked for such upgrades,
Is Success of Columbus, Ohio’s New Downtown Hilton Rubbing Off? Convention Officials Say Yes
January 31, 2014
Jan. 31--Central Ohio hotels attracted nearly 14 percent more visitors last year, and convention officials say it is in part because of the new Hilton Columbus Downtown. The 532-room Hilton also has enabled Experience Columbus and the Greater Columbus Sports Commission to attract larger meetings and events that would have been out of reach in the past, officials said. Hotel backers and experts say the upscale hotel on N. High Street, which opened in October 2012, is matching the high hopes that spurred construction of the convention hotel. "Bidding on the Republican or Democratic national conventions (in 2016) and the NCAA women's baske
Dubai Hotels Excel in Profit Levels in the Region in 2013 with a 7.6% Rise in RevPAR
January 31, 2014
Jan. 31--The emirate plans to double its visitor numbers in seven years. Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, and ended the year with occupancy above 80 per cent as rates surged, according to the latest HotStats survey of full service four and five star hotels in five Mena markets by TRI Hospitality Consulting Middle East. In December, Dubai continued to record strong performance levels reflecting the continued growth experienced throughout the year. Although the market witnessed a 4.5 percentage points decline in occupancy to 79.5 per cent, a 9.1 per cent rise in Aver
Mississippi’s Hard Rock Casino Biloxi’s Platinum Tower, its $32.5 M Expansion, Opens Adding 154 Keys
January 31, 2014
Jan. 31--BILOXI -- Colored lights illuminated the exterior of the new Hard Rock Casino Biloxi's Platinum Tower on Thursday night when a sneak peek gave invited guests a first look at the hotel that opens today. Kim Daoust, designer with Tandem in Las Vegas, promised the crowd this hotel is something unique for her company, "and we do hotels and casinos around the world." After the traditional guitar-smash celebration, General Manager Duncan McKenzie led a tour of the tower. The music memorabilia that fills the Hard Rock Biloxi carries through to every floor of the new hotel. Guests pass by Elvis Presley's pajamas and outfits worn by Sam
Martin Belz, President & Chairman of Peabody Hotel Group, Files for Bankruptcy
January 31, 2014
Jan. 31--Arkansas real estate deals that went bad have exposed the finances and sometimes lavish lifestyle of a Memphis scion. Martin S. "Marty'' Belz, son of Jack Belz and president and chairman of the Peabody Hotel Group, filed for Chapter 11 bankruptcy on Dec. 27. The missteps were Martin Belz's personal side deals and do not involve the family's larger Belz Enterprises, parties on both sides told The Commercial Appeal. Business entities within Belz Enterprises include the iconic Peabody Hotel on Union in Memphis and substantial commercial and industrial real estate holdings. While his liabilities amount to $97.7 million against $60.